Correlation Between Jhancock Short and Cohen Steers
Can any of the company-specific risk be diversified away by investing in both Jhancock Short and Cohen Steers at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Jhancock Short and Cohen Steers into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jhancock Short Duration and Cohen Steers Real, you can compare the effects of market volatilities on Jhancock Short and Cohen Steers and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Jhancock Short with a short position of Cohen Steers. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jhancock Short and Cohen Steers.
Diversification Opportunities for Jhancock Short and Cohen Steers
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jhancock and Cohen is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Jhancock Short Duration and Cohen Steers Real in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cohen Steers Real and Jhancock Short is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Jhancock Short Duration are associated (or correlated) with Cohen Steers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cohen Steers Real has no effect on the direction of Jhancock Short i.e., Jhancock Short and Cohen Steers go up and down completely randomly.
Pair Corralation between Jhancock Short and Cohen Steers
Assuming the 90 days horizon Jhancock Short is expected to generate 20.31 times less return on investment than Cohen Steers. But when comparing it to its historical volatility, Jhancock Short Duration is 4.59 times less risky than Cohen Steers. It trades about 0.05 of its potential returns per unit of risk. Cohen Steers Real is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest 1,002 in Cohen Steers Real on November 3, 2024 and sell it today you would earn a total of 22.00 from holding Cohen Steers Real or generate 2.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jhancock Short Duration vs. Cohen Steers Real
Performance |
| Timeline |
| Jhancock Short Duration |
| Cohen Steers Real |
Jhancock Short and Cohen Steers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jhancock Short and Cohen Steers
The main advantage of trading using opposite Jhancock Short and Cohen Steers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jhancock Short position performs unexpectedly, Cohen Steers can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Cohen Steers will offset losses from the drop in Cohen Steers' long position.| Jhancock Short vs. Vanguard Energy Index | Jhancock Short vs. Hennessy Bp Energy | Jhancock Short vs. Pimco Energy Tactical | Jhancock Short vs. Jennison Natural Resources |
| Cohen Steers vs. Adams Natural Resources | Cohen Steers vs. Clearbridge Energy Mlp | Cohen Steers vs. Vanguard Energy Index | Cohen Steers vs. Energy Services Fund |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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